Request Ecosystem Update May 2022
Hey Request community,
The Request Network ecosystem update for May 2022 is here, complementary to the ‘Request Finance in numbers’.
Request Network Ecosystem Update focuses on protocol usage and our vision to build an ecosystem of decentralized apps for payment requests. Here you will find our ecosystem update, major news and announcements, network usage and community events.
On the other hand, ‘Request Finance in numbers’ focuses on reviewing the Request Finance application’s usage metrics, an example being the cumulative value of crypto payments made through the app. Request Finance is the first successful app/company of the Request Network ecosystem used to generate, track and pay invoices, serving more than +1900 companies, DAOs, freelancers, and web3 native projects such as The Sandbox, Aave, and The Graph.
Request Fund Investment Program
We are excited to be re-launching the Request Fund, to support early-stage projects building a financial system that promotes transparency and real-time reporting.
The accepted projects will benefit from instant access and visibility to our web3 ecosystem of reputable DeFi, DAOs, Metaverse, and other web3 companies. The focus areas for projects eligible for funding will be accounting, payroll, expense management, payment facilities, amongst others.
Major News and Announcements
REQ on Kraken
Crypto Payments for E-commerce
An e-commerce use case built on top of Request technology, called Metashop was launched in May. Their application allows you to shop using your crypto from your non-custodial wallet, like Metamask, without the hassle of cashing out your crypto into fiat.
Metashop offers a multichain payment gateway for e-commerce platforms looking to offer crypto as an accepted means of payment. You can experience shopping using Metashop here.
Network Usage – New ATH in May 2022
The above chart illustrates the number of transactions with Request Network smart contracts (i.e creation of invoices, approvals, rejections) and May saw a monthly increase of 19%, and reached an all time high with 11,352 transactions. On the other hand, the total number of REQ wallets grew to 40,619, representing an increase of 0.6% from April 2022.
Also worth mentioning is the amount of adoption that Request Finance is bringing onto the blockchain. The app has registered cumulative payments of $203m, of which $10.5m in crypto invoices were paid last month in May alone (91% growth from previous month)
Check out the app here, if you’re interested in having an all-in-one platform to generate, track and pay crypto invoices.
In May, we continued with our Twitter Spaces session where we discussed;
The aim of these sessions for the Request Foundation is to have more people understand and embrace Web3, and build an educated community.
Joshua, the Executive Community Steward from Opolis, shared the idea of decoupling employment from work when individuals are instead empowered to work for web3 companies and DAOs who do not own the individual’s employment, and that person can still have access to the same employment benefits like health and retirement.
Stay tuned for our next Twitter Spaces session as we keep exploring and learning web3 primitives.
About Request Network
The Request Foundation’s mission is to re-invent accounting and finance by creating a decentralized network of interoperable apps that promotes transparency and real-time reporting.
We inspire and educate developers, partners, and authorities to use the Request Network and build an ecosystem of financial applications together that is open source, seamless and interoperable.
We’re building a network that connects businesses around the world, giving them ways to make business at the speed of the internet.
Community at Request